In a fast-paced world that is constantly changing, consumers are motivated to adapt their lifestyles according to what’s “trending”. Such influence may be derived from the people we associate ourselves with, personalities whom we consider “influencers”, plus the technology and media we are exposed to. In our last blog article, MONEXgroup examined the payment technology trends in 2017 and noted the emergence of innovative card-free means of payment including biometric systems which utilize face and voice recognition technology. In this article, we go a step further as we investigate what potentially lies ahead in the payments ecosystem as we strive to remain on the cutting edge of future payment technologies as an industry leader.
Examples of Future Payment Technologies
There are numerous exciting up-and-coming future payment technologies that merchants should be aware of. Below are some interesting examples of Biometric and Wearable innovations and some key players whom we believe may revolutionize the industry over the next decade. Customers can look forward to more convenient payment options using their Palm / Ring / Sunglasses / Face!
Future Payment Technologies – Pay with Your Palm
A Chicago startup developed a biometric-based payment system called Keyo that allows people to pay by holding their hand over a scanner at checkout point.
How does it work? In order to sign up for the system, customers need to create an online account and enter their credit card details, for which they will receive a registration code. Customers will then visit a retail location with one of the firm’s supported terminals to wave their hand over the POS terminal which effectively maps the genetic patterns in their palms in order to process payment.
Customers can add cards to their account to make purchases at retailers that utilize this technology and effectively pay without carrying a wallet. There’s also an online app-based dashboard that lets customers view their purchases, manage their cards and receive rewards.
According to local news site Chicago Inno, the system is currently being tested with a couple of Chicago retailers, with plans to soon expand to over 30 sites, charging a flat percentage based fee on transactions.
Future Payment Technologies – Pay with Your Ring
Customers in the UK can try out the world’s first contactless payment ring which allows users to pay for their shopping items and public transport directly from a finger. The Kerv ring will supply a prepaid Mastercard to each customer who purchases it plus they offer the ability to add funds via Visa or Mastercard for spending via the ring.
Kerv won’t need recharging and it also doesn’t need to pair with a phone, so customers can use this technology even when their phone battery has depleted. The Kerv payment ring offers consumers with a fashionable accessory and simplicity of payment as they won’t need to take out their phone or wallet at the point of checkout.
Future Payment Technologies – Pay with Your Sunglasses
Visa announced that it will be starting a new pilot program of contactless payment-enabled sunglasses. The glasses have a small contactless card that allows the sunglasses to work as a contactless payment method. The pilot program will take place at the World Surf League’s 2017 Quiksilver and Roxy Pro Gold Coast competition that Visa also sponsors.
Future Payment Technologies – Pay with Your Face
Samsung Electronics Co.’s new Galaxy S8 will employ facial-recognition technology for mobile payments adding cutting-edge security that they anticipate will help the company stand out from Apple Inc. and Google.
The Galaxy S8 will blend fingerprint, iris and facial detection to verify users accessing mobile services including Samsung Pay. Samsung is already working with banks to help them embrace facial recognition systems in coming months. While previous Galaxy phones have allowed users to unlock their phones with facial recognition, the S8 would be the first of its kind to verify financial payment applications.
The reality is that iris and facial detection capabilities complement each other: phones can rely on iris detection when there’s not enough ambient light to recognize facial features. However, facial recognition allows for faster reaction time for unlocking phones and more accurate results.
More Innovations in Future Payment Technologies
The aforementioned innovations are perfect examples of what future payment technologies could likely entail in the next 10 years. Such future payment technologies will undoubtedly gain traction in the mobile technology frontier and POS industry. The following is a list of other future payment technologies predicted by experts:
- Bitcoin holds the potential of untraceable digital payment
- With the growth of geolocation technology, retailers are able to send coupons and special offers to their customers based on their location
- Sometimes when you deposit cheques, it may take up to 3-5 business days before the banks allow you to have access to the funds. Companies like Fiserv (based in the US) are repurposing their debit networks to provide instant funds to those who just deposited their cheques
- A bank in Turkey partnered with MasterCard to utilize their PayPass technology to create the Bonus Trink Watch that allows customers wearing the fashionable watch to pay while accumulating rewards
- Experts in the payment industry predict that in order for companies like Apple Inc., Samsung and Google to further promote their payment products, they need to better understand the consumers’ buying behaviour, habits and likes and dislikes
MONEXgroup and Future Payment Technologies
MONEXgroup is a payment industry leader at the forefront of modern POS technology. Our mission and goal is not only to keep up with the latest trends, but to stay ahead of the curve. In terms of future payment technologies that we envision gaining prevalence, we strongly believe in the rapid rise of Unattended payment solutions, particularly ones supporting contactless payment methods. Being the only North American company that’s able to offer a full-suite of unattended payment solutions including our groundbreaking Contactless Only kiosk integrated systems, we are proud to partner with petroleum industry suppliers, carwashes, academic institutions, and laundromats nationwide that are witnessing improved revenue and customer satisfaction.
What makes MONEXgroup a world-class leader in the contactless payment universe? We are the only merchant service company in Canada that integrates contactless only payment technology into any self-serve kiosk or vending machine with 100% PCI certification for Visa payWave, MasterCard Tap & Go, Interac Flash and Mobile Payments such as Apple Pay. This solution is currently deployed at Tire Inflators, Car Vacuum machines and Carwashes across Canada. But don’t just take our word for it… check out our videos!
MONEXgroup’s unattended payment technology can be found in residential Laundromats with over 50,000 machines installed in Canadian apartment buildings. Tenants no longer need cash for their laundry; they simply purchase and add money to their “laundry smartcard” via Credit or Debit card. Our technology has been embraced in automotive applications as car owners who are looking to inflate their tires, vacuum the interior, or wash their vehicle can simply tap their card or mobile device and pump away! Our contactless only module can be integrated into snack and beverage vending machines, facilitating instant payments and speeding up the queue. Grabbing a cup of coffee, bottle of pop or a bag of chips has never been so easy for customers and hands-free for management of payment collection. Vending operators can just relax and watch the revenue accumulate.
We are excited to be featured in PYMNTS.com Unattended Retail Tracker. This bimonthly report provides a comprehensive overview of the trends and activities across the booming unattended retail/vending market and highlights the key players who are delivering on these services. MONEXgroup is pleased to rank high, within their Top 10 ranked companies, who are on the cutting edge of this technology globally! We embrace future payment technologies and look forward making peoples’ transactions more convenient while improving our merchant partners’ profitability for many years to come.
When partnering with the number one Canadian merchant services in Canada; MONEXgroup payment processing will increase your efficiency and quality of service and lower the related costs. Request a Cost Comparison Analysis today.
Author: Lindsey Lu, Marketing Communication Specialist, MONEXgroup
Contact Info: firstname.lastname@example.org